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Mortgage industry service provider’s report provides an in-depth look into elements shaping the originations industry
LUXEMBOURG, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (NASDAQ: ASPS), an integrated service provider and marketplace for the real estate and mortgage industries, just released its annual “The State of the Originations Industry” report for 2021. The report gives an in-depth look into elements shaping the mortgage industry by highlighting the results and analysis of a survey of over 200 professionals in the U.S. origination business.
The purpose of the report is to help lenders optimize their operational and marketing strategies by giving them a look at elements shaping the industry today and how other originators are planning to increase growth and efficiency this year. As expected, some responses given by mortgage origination professionals were influenced by the pandemic. Others focused on topics that affect the industry every year, like technology, customer service and outsourcing.
Here are examples of significant statistics revealed in the report:
27% chose “regulatory constraints” as the biggest challenge in today’s mortgage market
21% cited “technology enhancements,” like automation and e-closing options, as the most important factors for differentiating organizations in a competitive market
38% felt their organizations need to focus on the “customer experience” more
41% said “increasing outsourcing for core services” is the biggest operational efficiency lenders are considering in today’s market
29% picked “home equity” loans as the most promising market opportunity
84% predicted “growing costs will drive out smaller lenders or they will be acquired”
“Based on the survey results, now is the time to utilize technology, improve customer experience and, most of all, implement outsourcing to help your company stand apart,” said Brian Simon, CMB, President of Altisource’s Trelix™, CastleLine™ and Lenders One®. “While the road ahead is still unclear, as always, mortgage companies that are ready for whatever comes will have the best chance of thriving in the market. This report highlights ways you can prepare.”
Read the full report to get more insights into the challenges and opportunities facing the origination market today. To download it, click here.
The Origination Survey was completed online among over 200 professionals in the U.S. mortgage origination business. Fieldwork was conducted by independent global market analytics firm, Echo Research, between August 17 and 29, 2020. The overall margin of error for this sample size is +/- 6.9 percent at the 95 percent confidence level.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets it serves. Additional information is available at Altisource.com.
Source: Altisource Portfolio Solutions S.A.
Michelle D. Esterman
Chief Financial Officer
Senior Manager, Marketing